BURBANK : City to Spend $27 Million on Park Irrigation System
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The city of Burbank plans to spend $27 million on developing an irrigation system for city parks and city-owned DeBell Golf Course using reclaimed waste water.
The city has been developing the plan over the past year, but the funding had been on hold until last week when Burbank sold $27.1 million in bonds through the Goldman Sachs investment firm.
Money from the bonds will also be used to make improvements on the city-owned power plant, including measures to reduce emissions, and at a city-run water-reclamation plant, city officials said. They said they were impressed with the 6.268% rate from Goldman Sachs, said John Nicoll, management services director.
“We were aided in our ability to obtain a favorable interest due to predictable electric and water rates, council support for programs and effective utility management,” Nicoll said.
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